LibreMax Capital, LLC (“LibreMax”), an asset management firm specializing in structured products and corporate credit, today announced the establishment of CAVU Investment Partners, LLC (“CAVU”). This new entity, formed in partnership with international investment management firm TowerBrook Capital Partners L.P. (“TowerBrook”), will invest in the equity tranches of new issue collateralized loan obligations (“CLOs”) managed by Trimaran Advisors, LLC (“Trimaran”), the CLO management platform of LibreMax. David Moffitt, Head of Tactical Opportunity Investing and CLO Management at LibreMax and President of Trimaran will serve as President of CAVU.
Under the terms of the partnership, TowerBrook has made a substantial commitment to CAVU to support multiple Trimaran CLOs. CAVU is expected to begin investing in the second quarter of 2019 and can continue making investments for five to seven years.
Mr. Moffitt said, “We are pleased to partner with TowerBrook to form CAVU, which we believe will allow us to better access the capital markets and scale the Trimaran platform, while generating attractive returns for our investors. Our ability to come to market with dedicated equity will provide our debt investors increased flexibility and greater certainty of execution.”
“We have a longstanding relationship with LibreMax and we are delighted to form this strategic partnership to help scale the Trimaran platform over the long-term,” said Jonathan Bilzin, Managing Director of TowerBrook.
The investment was made through the TowerBrook Structured Opportunities Fund (TSO), which was established in 2015 to back great management teams and businesses at the inflection point of growth and change where traditional control-oriented attributes may not apply.
LibreMax acquired Trimaran in December 2018. Trimaran currently manages six CLOs with approximately $3 billion of assets under management.
